The Small Business Development Foundation (SBDF) received on Tuesday from the Island Government Naf 125.000 from the Naf 200.000 subsidy for 2010. The management and staff of SBDF are very thankful to the Executive Council for this.
The delay in the disbursement of the subsidy was due to the concerns of the department that there were some "discrepancies", something that SBDF has constantly refuted but never had the chance to have any explanation or even indication on those discrepancies. This delay has resulted in the temporary closing of the office at Camille Richardson Street and the discontinuation of the implementation of the Social Economic Initiative programmes. With this disbursement of part of the subsidy, it is clear that there are no discrepancies, or at least they are not of any serious relevance to continue jeopardizing the continuation of the functioning of the foundation.
SBDF would like to sincerely apologize to the public for the inconvenience caused, especially for the interruption of the implementation of the SEI programmes, where specific timelines are dictated in the signed financial agreements. As soon as all the logistics are dealt with, SBDF hopes to resume the implementation. Right before such date, the public will be informed accordingly.
SBDF